Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Pre-Tax Changes in Fair Value

The following table summarizes pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated condensed statements of operations.

		First Quarter
(in thousands)	Classification of Gain (Loss)	2019		2018
Commodity hedges	Cost of sales	$	3,905	$	(2,765	)
Commodity hedges	Selling, delivery and administrative expenses		2,715		(202	)
Total gain (loss)		$	6,620	$	(2,967	)

Summary of Fair Values and Classification in Consolidated Condensed Balance Sheets of Derivative Instruments

The following table summarizes the fair values and classification in the consolidated condensed balance sheets of derivative instruments held by the Company:

(in thousands)	Balance Sheet Classification	March 31, 2019		December 30, 2018
Assets:
Commodity hedges at fair market value	Other assets	$	265	$	-
Total assets		$	265	$	-
Liabilities:
Commodity hedges at fair market value	Other accrued liabilities	$	3,950	$	10,305
Total liabilities		$	3,950	$	10,305

Summary of Gross Derivative Assets and Gross Derivative Liabilities in Consolidated Condensed Balance Sheets

The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the consolidated condensed balance sheets

(in thousands)	March 31, 2019		December 30, 2018
Gross derivative assets	$	25,958	$	28,305
Gross derivative liabilities		29,643		38,610

Summary of Outstanding Commodity Derivative Agreements

The following table summarizes the Company’s outstanding commodity derivative agreements:

(in thousands)	March 31, 2019		December 30, 2018
Notional amount of outstanding commodity derivative agreements	$	152,044	$	168,388
Latest maturity date of outstanding commodity derivative agreements	December 2020		December 2019